Micron Shares Drop on Rising China Memory Chip Competition Fears
Micron Technology (NASDAQ:MU) shares fell nearly 8% amid growing concerns over competition from Chinese memory chip producers like ChangXin Memory Technologies. The decline dragged down other semiconductor stocks including Intel, AMD, and Marvell by around 6-7%, with the SOXX ETF also dropping 4%. Apple is reportedly testing CXMT chips for use in China.
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